ING leads Goodman US$500m green bond issue

ING Australia is leading Goodman Group’s US$500 million sustainability linked bond issuance, acting as joint global coordinator and bookrunner.

The sustainability linked bond issued in the US market will bring Goodman Group one step closer to reducing its absolute greenhouse gas Scope 1 and 2 emissions to meeting the goals outlined in the Paris Agreement.

“This is an example of how ING uses its global product suite to help customers transition to a lower carbon future,” said Darren Beatty, head of wholesale real estate finance at ING Australia.

“ING is committed to tackling climate change through its lending practices and supporting clients who are aligned with these ambitions.”

The target is ambitious for Goodman Group who are one of the global leaders in industrial real estate development and management, including assets such as logistics facilities, warehouses and industrial parks across 14 countries.

“Goodman Group has been a trusted partner of ING over many years and we look forward to continuing this relationship in Australia and across the globe,” added Beatty.

The industrial property giant last year achieved carbon neutrality for its global operations in accordance with certification by the Australian Government’s Climate Active program, four years ahead of its initial 2025 target.

“ING has the sector knowledge and international experience to help Australian companies operating in gateway cities and jurisdictions,” concluded Beatty.

In its third quarter update, Goodman reported $13.4 billion of development work in progress across 89 projects, thanks to portfolio weighting to assets in high demand locations.

While just last week the group sold three newly built, fully leased warehouses in Melbourne’s western suburbs to Frasers Logistics & Commercial Trust for $61 million.